<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-K/A

[X|  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
     ACT OF 1934]

For the fiscal year ended December 31, 1997              

                                      or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
    EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM        to 

                        Commission file number 000-22101

                              IAT Multimedia, Inc.
             (Exact Name of Registrant as Specified in Its Charter)

               Delaware                                       13-3920210
  ---------------------------------                      -------------------
    (State or Other Jurisdiction                          (I.R.S. Employer
  of Incorporation or Organization)                      Identification No.)

                          Geschaftshaus Wasserschloss
                                 Aarestrasse 17
                      CH-5300 Vogelsang-Turgi, Switzerland
                    (Address of Principal Executive Offices)

   Registrant's telephone number, including area code: (011)(41)(56) 223-5022

         Securities registered pursuant to Section 12(b) of the Act: None

         Securities registered pursuant to Section 12 (g) of the Act: Common
Stock, $0.01par value (the "Common Stock")

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding twelve (12) months (or for such shorter period that
the registrant was required to file such report(s)), and (2) has been subject
to the filing requirements for the past ninety (90) days.  YES [X]  NO [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K [ ].

The aggregate market value of the voting stock (excluding preferred stock
convertible into and having voting rights on certain matters equivalent to
622,220 shares of common stock) held by non-affiliates of the registrant as of
March 27, 1998 was 11,055,602. The number of shares of the registrant's Common
Stock outstanding as of March 27, 1998 was 9,701,949.

                       Document Incorporated By Reference
                                      None

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information regarding ownership of
Common Stock as of March 27, 1998 by (i) each director of Multimedia, (ii) each
of the Named Executive Officers, (iii) each person known by the Company to own
beneficially more than five percent of the outstanding Common Stock, and (iv)
all executive officers and directors of the Company as a group.
<TABLE>
<CAPTION>
                                                Number of Shares    Percentage of Shares
Name and Address of Beneficial Owner(1)        Beneficially Owned    Beneficially Owned
---------------------------------------        ------------------   ---------------------
<S>                                            <C>                  <C>
Executive Officers and Directors:
Viktor Vogt(2)                                    512,129(3)               5.25%
Jacob Agam(2)                                        --  (4)(12)             -- 
Klaus Grissemann(2)                               189,395(5)               1.95%
Volker Walther(6)                                 943,250(7)               9.72%
Reiner Hallauer(2)                                 52,000(9)                 *  
Arnold Wasserman(2)                                40,000(10)                *  
Alfred Simmet(2)                                  146,949                  1.51%
Significant Stockholders:                                                       
Vertical Financial Holdings                                                     
   Establishment(4)(11)                         1,580,304(12)             15.21%
Behala Anstalt(13)                                592,804(14)              5.93%
Lupin Investments Services Ltd.(15)               592,804(16)              5.93%
Henilia Financial Ltd.(17)                        594,694(18)              5.95%
Klaus-Dirk Sippel(19)                           1,055,923(20)             10.45%
Richard Suter(21)                                 721,551(22)              7.29%
All executive officers and directors of the                                     
  Company as a group (7 persons)                1,883,723                 19.42%
</TABLE>
-----------------
 *   Less than 1%                                                            

(1)  Unless otherwise noted, the Company believes that all persons named in the
     table have sole voting and investment power with respect to all shares of
     Common Stock beneficially owned by them. See "Item 13--Certain
     Relationships and Related Transactions."

(2)  The address of these directors and officers is c/o IAT Multimedia, Inc.,
     Geschaftshaus Wasserschloss, Aarestrasse 17, CH-5300 Vogelsang-Turgi,
     Switzerland.


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(3)  Includes 69,605 shares of Common Stock which are held in escrow but in
     respect of which Dr. Vogt retains the power to vote. See "--Escrow
     Shares."

(4)  Jacob Agam, the Co-Chairman of the Company, is the Chairman of the Board
     of Vertical. Pursuant to an agreement between Orida and Vertical, Orida
     has the right to receive a portion of the profits from the sale of the
     shares held by Vertical. Mr. Agam is the Chairman of Orida. Mr. Agam
     disclaims beneficial ownership of the shares held by Vertical.

(5)  Includes 15,151 shares of Common Stock which are held in escrow but in
     respect of which Mr. Grissemann retains the power to vote. See "--Escrow
     Shares."

(6)  Volker Walther's address is Pestalozziweg 8, D-34439, Willebadessen,
     Germany.

(7)  Includes 52,500 shares held by Volker Walther and 831,985 shares held by
     Walther Glas GmbH of which Mr. Walther is a majority shareholder. Also
     includes 58,765 and 12,495 shares of Common Stack which are held in escrow
     but in respect of which Mr. Walther and Walther Glas GmbH, respectively,
     retain the power to vote. See "--Escrow Shares."

(8)  Includes 7,575 shares of Common Stock which are held in escrow but in
     respect of which Mr. Muller retains the power to vote. See "--Escrow
     Shares."

(9)  Includes 50,000 shares of Common Stock issuable upon exercise of options
     which are currently exercisable.

(10) Represents 40,000 shares of Common Stock issuable upon exercise of options
     which are currently exercisable.

(11) The address of Vertical Financial Holdings Establishment is
     Hombrechtikerstrasse 61, CH-8640 Rapperswil, Switzerland.

(12) Includes (i) 690,152 shares of Common Stock issuable upon exercise of
     warrants beneficially owned by Vertical and exercisable within 60 days and
     (ii) 1,212 shares of Common Stock which are held in escrow but which
     Vertical retains the power to vote. See "--Escrow Shares." Excludes an
     aggregate of 890,151 shares of Common Stock and 890,151 shares of Common
     Stock issuable upon exercise of warrants held by Behala Anstalt, Lupin
     Investments Services Ltd. and Henilia Financial Ltd. (the "Vertical
     Assignees"). Vertical has advised that pursuant to agreements with third
     party investors in each Vertical Assignee, Vertical owns equity interests
     in each Vertical Assignee entitling it to varying percentages of the
     profits resulting from the sale of the shares of Common Stock held by each
     Vertical Assignee. In addition, Vertical has advised that pursuant to 
     agreements with each Vertical Assignee, each Vertical  Assignee has 
     designated as a trustee the same individual (the "Trustee") and has 
     granted to the Trustee voting and dispositive

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<PAGE>


     power over the shares of Common Stock held by each Vertical Assignee.
     Vertical has also advised that it retains the right to appoint or 
     terminate the appointment of the Trustee.

(13) The address of Behala Anstalt is Heiligkreuz 6, PL-9490 Vaduz,
     Liechtenstein.

(14) Includes 296,402 shares of Common Stock issuable upon exercise of warrants
     beneficially owned by Behala Anstalt and exercisable within 60 days. Also
     includes 23,712 shares of Common Stock which are held in escrow but in
     respect of which Behala Anstalt retains the power to vote. See "--Escrow
     Shares." Vertical has advised that pursuant to an agreement with third
     party investors in Behala Anstalt, Vertical owns an equity interest in
     Behala Anstalt entitling it to a percentage of the profits resulting from
     the sale of the shares of Common Stock held by Behala Anstalt. In
     addition, Vertical has advised that the Trustee has voting and dispositive
     power over the shares of Common Stock held by Behala Anstalt, although
     Vertical retains the right to appoint or terminate the appointment of the
     Trustee.

(15) The address of Lupin Investments Services Ltd. is P.O. Box 3186,
     Tortola/BVI, Road Town, Tortola, British Virgin Islands.

(16) Includes 296,402 shares of Common Stock issuable upon exercise of warrants
     beneficially owned by Lupin Investments Services Ltd. and exercisable
     within 60 days. Also includes 23,712 shares of Common Stock which are held
     in escrow but in respect of which Lupin Investments Services Ltd. retains
     the power to vote. See "--Escrow Shares." Vertical has advised that
     pursuant to an agreement with third party investors in Lupin Investments
     Services Ltd., Vertical owns an equity interest in Lupin Investments
     Services Ltd. entitling it to a percentage of the profits resulting from
     the sale of the shares of Common Stock held by Lupin Investments Services
     Ltd. In addition, Vertical has advised that the Trustee has voting and
     dispositive power over the shares of Common Stock held by Lupin
     Investments Services Ltd., although Vertical retains the right to appoint
     or terminate the appointment of the Trustee.

(17) The address of Henilia Financial Ltd. is 35A Regent Street, Belize City,
     Belize.

(18) Includes 297,347 shares of Common Stock issuable upon exercise of warrants
     beneficially owned by Henilia Financial Ltd. and exercisable within 60
     days. Also includes 23,788 shares of Common Stock which are held in escrow
     but in respect of which Henilia Financial Ltd. retains the power to vote.
     See "--Escrow Shares." Vertical has advised that pursuant to an agreement
     with third party investors in Henilia Financial Ltd., Vertical owns an
     equity interest in Henilia Financial Ltd. entitling it to a percentage of
     the profits resulting from the sale of the shares of Common Stock held by
     Henilia Financial Ltd. In addition, Vertical has advised that the Trustee
     has voting and dispositive power over the shares of Common

                                      -4-

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     Stock held by Henilia Financial Ltd., although Vertical retains the right
     to appoint or terminate the appointment of the Trustee.

(19) The address of Klaus-Dirk Sippel is Tannenweg 2, CH-5415 Nussbaumen,
     Switzerland. Excludes 76,941 shares sold in October 1996 by Mr. Sippel to
     Mr. Jurgen Henning. While Mr. Sippel does not have any voting or
     dispositive power with respect to these shares, the agreement between
     Messrs. Sippel and Henning provides that Mr. Sippel will share in the
     proceeds of the sale of Mr. Henning's shares.

(20) Includes 398,864 shares of Common Stock issuable upon exercise of
     Shareholder Warrants beneficially owned by Klaus-Dirk Sippel and
     exercisable within 60 days. Also includes 56,565 shares of Common Stock
     which are held in escrow but in respect of which Mr. Sippel retains the
     power to vote. See "--Escrow Shares."

(21) Richard Suter's address is Lendikerstrasse 25, CH-8484 Weisslingen,
     Switzerland.

(22) Includes 198,864 shares of Common Stock issuable upon exercise of
     Shareholder Warrants beneficially owned by Richard Suter and exercisable
     within 60 days. Also includes 45,815 shares of Common Stock which are held
     in escrow but in respect of which .Mr. Suter retains the power to vote.
     See "--Escrow Shares."

ESCROW SHARES

       The existing stockholders of the Company immediately prior to the IPO
deposited an aggregate of 498,285 shares of Common Stock into escrow in
connection with the IPO (the "Escrow Shares"). The Escrow Shares are not
assignable or transferable. Of the Escrow Shares:

       (i) 166,095 shall be released from escrow if, for the fiscal year ending
December 31, 1997, the Company's minimum revenues (the "Minimum Revenues")
equals or exceeds $5.5 million;

       (ii) 166,095 Escrow Shares; (or, if the conditions set forth in (i)
above was not met, 332,190 Escrow Shares) shall be released, if, for the fiscal
year ending December 31, 1998, the Minimum Revenues equals or exceeds $8.0
million;

       (iii) 166,095 Escrow Shares (or, if the conditions set forth in either
(i) or (ii) were not met, the remaining Escrow Shares) shall be released if,
for the fiscal year ending December 31,1999, the Minimum Revenues equals or
exceeds $12.0 million and the Company's income before provision for taxes (the
"Minimum Pretax Income") equals or exceeds $1.0 million; and

       (iv) all of the Escrow Shares will be released from escrow if one or
more of the following conditions is/are met:

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       (a) the average of the closing bid prices of the Company's Common Stock
for any 30 consecutive trading days commencing March 26, 1999 exceeds $13.00
per share; or

       (b) the Company is acquired by or merged into another entity commencing
on the date set forth in (a) above in a transaction in which the value of the
per share consideration received by the stockholders of the Company (after
giving effect to the release of shares from escrow) on the date of such
transaction exceeds $13.00 per share.

       The Minimum Revenues and Minimum Pretax Income Amounts set forth above
shall be (i) derived solely from the business owned and operated by the Company
at the time of the IPO and shall not give effect to any operations relating to
business or assets acquired after April 1, 1997; (ii) calculated exclusive of
any extraordinary earnings including, but not limited to, any charge to income
resulting from the release of the Escrow Shares and (iii) audited by the
Company's independent public accountants.

       Any money, securities, rights or property distributed in respect of the
Escrow Shares shall be received by the escrow agent, including any property
distributed as dividends or pursuant to any stock split, merger,
recapitalization, dissolution or total or partial liquidation of the Company
(the "Escrow Property"). On March 31, 2000, any remaining Escrow Shares, as
well as any dividends or other distributions made with respect thereto, will be
canceled and contributed to the capital of the Company. The Company expects
that the release of the Escrow Shares to officers, directors, employees and
consultants of the Company will be deemed compensatory and, accordingly, will
result in a substantial charge to operations, which would equal the then fair
market value of such shares. Such charges could substantially increase the loss
or reduce or eliminate the Company's net income for financial reporting
purposes for the period during which such shares are, or become probable of
being, released from escrow. Although the amount of compensation expense
recognized by the Company will not affect the Company's total stockholder's
equity, it may have a negative effect on the market price of the Common Stock.
See "Item 7--Management's Discussion and Analysis of Financial Condition and
Results of Operations."

       The Minimum Revenues and Minimum Pretax Income amounts and closing bid
price levels set forth above were determined by negotiation between the Company
and the IPO Underwriters and should not be construed to imply or predict any
future earnings by the Company or any increase in the market price of the
Common Stock.

       IAT's Minimum Revenues for the year ended December 31, 1997 were less
than $5.5 million and accordingly, the target for release described in (i)
above was not met.



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<PAGE>


                                   SIGNATURES

         In accordance with the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.


                                                 IAT MULTIMEDIA, INC.

                                                 By: /s/ Jacob Agam
                                                    ------------------------
                                                         Jacob Agam
                                                          Chairman




         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
     Signature                     Title                                        Date
     ---------                     -----                                        ----
<S>                         <C>                                         <C>
 /s/ Jacob Agam             Chairman of the Board                       December 3, 1998
------------------------    and Chief Executive Officer
Jacob Agam                  (principal executive officer)

/s/ Klaus Grissemann        Chief Financial Officer                     December 3, 1998
------------------------    and Director
Klaus Grissemann            (principal financial officer)

/s/ Robert Weiss            Director                                    December 3, 1998
------------------------
Robert Weiss


/s/ Viktor Vogt             Director                                    December 3, 1998
------------------------
Viktor Vogt

                            Director                                    December   , 1998
------------------------
Volker Walther

/s/ Erich Weber             Director                                    December 3, 1998
-------------------------
Erich Weber
</TABLE>

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